REG - Billington Holdings - Notice of Results and Trading Updates

Billington HoldingsAnnouncement

13/04/2022 07:00

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RNS Number : 1857I  Billington Holdings PLC  13 April 2022

Billington Holdings Plc

("Billington", the "Group" or the "Company")

Notice of Results and Trading Updates

Billington Holdings Plc (AIM: BILN), one of the UK's leading structural steel
and construction safety solutions specialists, provides the following trading
update ahead of the release of the Company's results for the year ended 31
December 2021, on 26 April 2022.

 

Year-end update

 

As indicated in the trading update on 15 November 2021, the Group's results
for the year ended 31 December 2021 have been affected by the timing of
certain contracts. Notwithstanding this, the underlying trading position was
slightly ahead of market expectations.

 

Subsequent to the year-end and following the placing into administration of a
main contractor client, the Board has taken the prudent approach to make an
exceptional provision of approximately £1.1 million against receivables on a
contract the Company was undertaking. The Company is currently in extensive
dialogue with the developer to complete the project and seek recovery of all
outstanding monies.

 

Current trading

 

The current trading of the Group is in line with the Board's expectations and
the Company anticipates an improved result for the year ended 31 December
2022.  The cash position of the Group remains strong and the Company is well
positioned to be able to take advantage of the significant pipeline of
opportunities available.

 

Mark Smith, CEO of Billington, commented:

 

"2021 has been dominated by the continued challenges arising from the pandemic
for both Billington and its clients alike. The construction sector has
suffered material and labour supply constraints that  has affected the cost
and timing of projects. However, tendering opportunities continue to remain
buoyant and the quality of our pipeline provides confidence for 2022 and
beyond."

 

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

 

For further information please contact:

 

 Billington Holdings Plc                 Tel: 01226 340 666
 Mark Smith, Chief Executive
 Trevor Taylor, Chief Financial Officer

 WH Ireland Limited                      Tel: 020 7220 1666
 Chris Hardie

 Fraser Marshall

 IFC Advisory Limited                    Tel: 020 3934 6630
 Tim Metcalfe

 Graham Herring
 Zach Cohen

 

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